Will California fire victims relocate or rebuild? DON'T Take an OFFMARKET OFFER

 



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The Disservice of Off-Market Offers


It is the biggest disservice to a client when you're trying to force an off-market offer to a home seller. Let me break this down. 


Personal Experience with Pushy Agents


My parents are moving from Knoxville to Las Vegas. My sister lives in Henderson. Nevada, near Las Vegas, and we're moving them, And we're getting a Realtor out there. Before comps were ever made, she had an off-market offer in hand. How convenient is that? She didn't even show comparables as to what's sold in the area in the last year last three months or last six months. She just tried to shove down an offer. 


First of all, how do you know that's a good offer?  We're talking about A couple hundred thousand dollars here. She's trying to push my parents into selling right now, which is not the plan. The plan is to move in  May or June timeframe. 


Understanding Real Estate Agent Motivations


So when an agent is being pushy, what does that tell you? They're desperate for a sale. They have commission breath. They're not serving you. They're serving themselves. They're serving their wallet. I get it. They're salespeople. I'm a salesperson.  Don't play those games though.


What I like to do is go out to the investor list and see what prices we can get. So we at least have a baseline. That's to know what we can do, what we can sell it for, what I can get it off market for. And then that's your baseline.


Then we put it on the market. Because that's really where the pool of buyers are willing to pay for what your house is really worth. What your house is worth is what buyers are willing to pay for. Now, if you're willing to accept it or not, that's. Our job when you hire a real estate agent is to get the highest price and the best terms that work with your plans. I'm chafed right now because I just spent an hour with my parents discussing questions they have to ask this agent, and what the expectations should be.


What you need is more important than what she needs. And I get it. That's the way. It might work over there. I, what do I know? I never bought a house in Knoxville, Tennessee. However, when you hear those things, it pains you to know that this industry It's hard for me to deal with a lot of these agents and they're here too. 


The Real Estate Licensing Problem


The problem with real estate is that. It's a low barrier to entry. It takes three tests that you can do online for each course, principles, practice, and some elective, and then pass the test to become an agent at 60%. You can get 40 percent of 150 questions wrong. Those questions have nothing to do with how to actually sell residential real estate. Real estate is such a vast organism. You can do commercial, you can do property management, you can do all these different things with this license.


And that's part and parcel of the problem. It's just a low barrier to entry. So what happens is everybody that's suffering in different parts of the world or different industries, they go, I'm going to sell houses, I'm going to make a quick buck. And they get in, step on their toes, step on the client's toes, and make an ass out of themselves.

Then they Go back to their job because it's frustrating. This is a frustrating job. It's a hard job. And yes it might seem on the outside that there's not a lot that goes on. There are a lot of things that go on in the back end, That they're only interested in putting this offer in front of you and you should take it without seeing the comps, without seeing anything about the board and being educated on the steps of what the process is. They're not serving you. They're serving themselves. So just be careful out there. And if you have questions about that, please feel free to call me.


I'll just walk you through the process. On my YouTube channel, there are hundreds of videos on how to, interview agents how to sell your house, and what expectations you should see starting out. 

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Will California homeowners relocate or rebuild?

California Homeowner Dilemmas

Will California homeowners relocate or rebuild? Both are costly.


It's California. Everything's costly, right? The biggest question here is the permit process. In any big metropolitan area, you're always going to go through this process of having to get the permits approved and getting the plans approved.


And then having to go through the process of paying the city or the county, their desired amount so they can cash out on, your build. It's very painful. Everything is expensive today. Insurance is expensive. Rebuilding is expensive.


The cost of living is expensive. Just think about all those poor people. I'm not talking about the millionaires, the billionaires, and the movie stars. They are in their second or third or fourth house over in Vail, hanging out, watching their houses burn down. And that's sad. Butt I really feel for the regular ordinary people that live there that have been decimated and they have no place to go they're living in.


The stadium hotels motels or friends now have to go back and rebuild. I can tell you that a majority of them are just going to pay off their mortgage. Take whatever's left over and go somewhere else because they're not going to want to rebuild. It's great for investors, but it sucks for those people. The cost to rebuild is going to be far more than what they insured their houses for the most part, There are going to be a few of them that were smart about it. The insides of your house are probably not insured correctly.


You should take a video of every piece of equipment and itemize it let them know this is a MacBook this is an iPad. This is a monitor. I paid 250 bucks for whatever. This microphone is 150 bucks. And this cup right here was given to me by my daughter.


So it has sentimental value to you, right? 

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Insurance Tips for Homeowners

If you ever find yourself in a situation where you have to use your insurance on your house, don't work with their claims adjuster; get an outside claims adjuster.


And if you don't have one, I have one. There's a guy out in Pennsylvania who does this for a living. I interviewed him a couple of months ago, and he will fight for you tooth and nail. He does take a portion of the difference between what their adjuster says, and what he can negotiate for you, but that's how they make money. And I figure. If you get 100, 000 and he takes 000, you still got more than what your insurance company is going to give you. Please make sure you go through all those steps. Enough said about that. 


Real Estate Market Updates


This article, as well as thousands of others, are on the internet, but this is linked to my blog.

I was going to say something about the Cupertino house of the week, but there are only two, and we already talked about them. The rest have been sold. There's just not enough inventory guys. This is brand new in Willow Glen. 


Featured Properties of the Week

Willow Glen Home of the Week

This is Willow Glen House of the Week. Not my listing. Four bedroom, three bath. 2, 500 square feet. Built in 1951. it probably has a bunch. Of, rebuilds in the back, nice detached garage, big patio. There's a big old driveway. I do not like that at all. If you want to have a parking lot, you can pay for parking. 


See, that's the original house right there. That was the original house and this is the add-on right here. Looks like it's next to a big one. Church or industrial thing. Okay. That's your will at Glenn's house of the week.

Luxury Home of the Week

The luxury home of the week is Stock Bridge. Not my listing. Wish it was only 21, 000, 000 six bedrooms, seven full baths, 11, almost 12, 000 square feet. And 1. 1acres built in 2016. This thing is Monstrously gorgeous. And where is this? Atherton. Yeah, Atherton. So here it is right there, this is a gorgeous house. We were up there yesterday. My daughters had a gym competition in Redwood City. So we drove past this,


the glue lamp beams. Beautiful. This is impeccable guys. A kitchen, not a washer and dryer, but two washers and dryers. You got it. Dude, if you're going to do opulence, you might as well do opulence. Look at that stairway and all that detail trim. That is beautiful. Look at that. I know it's not a great picture, but tray ceiling. Pick a ball court pool. Wow. Yeah. If you're interested in learning, let's go take a look. 


Bay Area Sales Report

12 Bay area sales report year to date, January 13th,t the third week of the year. So far we've had 162 sales in Santa Clara County and the average price is 2. 1 million whereas San Mateo is still a little bit above and beyond.


And I'm nowhere near being able to tell you where we are pacing because we're only in the third week. Once we get to the half-year mark, we'll be able to do that, but things are shaken up pretty well. I can tell you that Contra Costa's numbers came in really wonky. So I just. Made them semi-reasonable. San Benito County, look at that. 95 percent list price to sales price. The average price is 976, 000. they've sold. 10 houses so far. The average number of days on the market is 57 days Crazy. I did that because I have a listing down there. I have a few more coming up here pretty quick too. 


Conclusion and Final Thoughts


That's it for now. Thanks for watching. Hope you had a great weekend. I'm Vito with Avatano. We'll see you out there.




Vito Scarnecchia
Real Estate Broker, Veteran, Dad
DRE#: 01407676
408-705-6817
Vito@abitano.com
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Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePgFraud, Jason Walter, Homebuyer workshop, Bay Area housing stats, Veteran Home, best time of the year to buy a house, Bay Area Luxury homes,  next housing crash prediction, housing market projections, Should I Buy A House Now Or Wait?, should I buy a house now or wait until 2024, Why You'll Regret Buying A House in 2024, Housing Market 2024: 5 Options If You Regret Buying a Home, when will the housing market crash again




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